STARTUP SURVIVAL TIPS

■ HOW DO I GET THE TIMING RIGHT?

“Businesses — particularly startups — succeed and fail on account of timing,” said Dragons’ Den star Gavin Duffy. “If you come to the market with an offering and the timing is right, it’s a lot easier than doing so at a challenging time.” It may be wiser therefore to hold off setting up your own business until after the Covid-19 crisis.

“In reality, there aren’t that many opportunities out there for starting up a business in the current climate,” said Oisin Geoghegan, head of enterprise at Fingal’s LEO. “If someone’s looking to set up a business, they should take a long-term view, as we will come out of this crisis.

“A lot of people will have time on their hands during these weeks and months. It can be really beneficial to use that time to upskill — and to do research into setting up your business. If you don’t have the skills necessary to make your business successful, it won’t work.”

■ HOW DO I SURVIVE FINANCIALLY?

“If you can, try to keep some alternative income on the go as you develop your business idea and start up your business,” said broadcaster and entrepreneur Bobby Kerr. Cash flow is crucial.

“Now more than ever, you really do have to watch your cash flow,” said Duffy.

“So get into a small business where you’re paid upfront for whatever product or service you’re delivering.”

Businesses and the selfemployed should have a cash flow plan for every four-, six- and eight-week period, advised Kerr. “Have a clear picture of the cash flow you have coming in, and of how long you can survive on that cash flow,” said Kerr.

It should be cheaper to set up your business in a recovering economy than would have been the case in a booming economy. “There will be real opportunities out there as there will be a distressed market,” said Kerr.

■ HOW DO I MARKET?

“People are more likely to be tied to their community after this crisis so think about marketing your business locally — such as through local radio or newspapers,” said Duffy. “Poster adverts may also be more effective as people will be out and about more [after this crisis].”

■ RESEARCH & ADVICE

Get advice from your local enterprise office. “Any business you are thinking of setting up is likely to have been set up before — so do your research and see what it is that has made that business successful,” said Geoghegan. “Equally, if there is a business that hasn’t been successful, find out why it failed. Talk to people whose opinion you value.

Get independent business mentoring.”

For information on the advice and supports available from your local enterprise office, visit localenterprise.ie. For information on Enterprise Ireland funding for startups, visit enterprise-ireland.com/ en/funding-supports.